New Bank Account Special Offers & Promotions 2010
Posted August 9th, 2010 and last modified December 30th, 2011Many Australian banks are looking for new customers and offering special deals if you open a new bank account with them.
Looking at these different new bank account promotions can get a little confusing if you don’t know what you’re looking for, so this guideline has been put in place to show you how to make a comparison.
Comparing new bank account offers & Australian bank promotions
Credit Cards
It makes sense sometimes to have your credit card with the same bank as your savings account – it can be convenient to be able to have access to easily transfer funds from your savings account to your credit card. However, in many cases, your existing bank won’t actually have the best available deal in the market. This is where it becomes important to assess the available credit card offers, to find out if there is a special introductory promotion that you can take advantage of.
HSBC Credit Card Promotion
The HSBC Credit Card offers you a $0 annual fee for the life of the card. This is a good card if you aim to keep your balance repaid in full each month. Also, if you apply now, you can take advantage of a bonus $50 credit just for purchasing on your card.
- $0 annual fee
- 17.99% p.a. on purchases
- 0% p.a. for 8 months with 2% balance transfer fee on balance transfers
- Cash Advance Rate of 21.99% p.a.
- 55 days interest free
- Minimum Income Requirement of $20,000 p.a.
Savings accounts
Every individual should have a savings account for storing extra money. Even children should start a savings account early so that they learn the proper value of money and how to save for long-term goals.
It is quite common to see online savings accounts since more and more Australians are turning to the Internet to do their banking. When you open a new bank account online for savings there are some regular features that you should expect on the account. These include:
- Interest added monthly to your new bank account.
- Interest worked out on a daily basis.
- A minimum amount is not required.
- No limits for withdrawal or deposit amounts.
- Transactions are limited. In most cases you will not be able to have access to debit and credit cards, overdraft, branch services and withdrawals from ATMs.
- Processing for credits and debits are usually free.
Banks and other financial institutions understand that many people prefer the convenience of online banking and the rate of interest for online bank accounts is usually higher than the basic savings accounts. If you’re the type of person, however, that still likes to walk into the bank to do your transactions, you will have to weigh the pros and cons of both savings accounts.
New accounts for term deposits
Term deposit accounts have the attraction of offering interest rates that are usually comparable to the rates you would get with an new high interest online savings account. The interest rate on these types of accounts is fixed for the term duration. This is good news if the interest rates go down, and not so good news if they rise.
The nice thing about them is you can plan your savings with a stable rate and know exactly how much interest you will get. There is an option of annual or monthly terms and you can be paid interest yearly or monthly depending on your preference.
When you are comparing new bank account promotions you should look for any hidden costs and how much interest is paid yearly. There can be very large differences between these new bank account offers, and with careful consideration you can end up walking away with a fantastic deal.
Opening up a new bank account to take advantage of a great promotion does not take a lot of time or effort on your part. If you spend a bit of time comparing the different offers available you may end up earning a lot more on your accounts than you are with any of your current accounts.
Check out today's featured offers:
| HSBC Credit Card | ANZ Platinum | Citibank Rewards Credit Card - Platinum Card | Westpac Low Rate Card |
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0% p.a. for 8 months with 2% balance transfer fee on balance transfers. |
0% p.a. for 6 months on purchases & balance transfers. |
0.9% p.a. for 15 months |
1.9% p.a. for 9 months (reverts to 13.49% p.a.) |
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